A bill was submitted to South Korea to require state officials to declare their investments in crypto, including Bitcoin. This initiative was taken following the recent government controversy over whistleblowing regulations.
Chun Dong-Shong, a member of the Administrative Committee at the South Korean National Assembly, has submitted a bill on investment in crypto. He explained that "the current law on public services excludes the crypto that has recently emerged as a means of payment."
The new bill amends the Civil Service Ethics Act, which requires state officials to declare their possessions of crypto. If employees provide false or misleading information about the crypto-possessed property, Chun suggested punishment and disciplinary action.
"As the government takes a leading role in regulating crypto, the public sector should take the lead in the transparent disclosure of the crypto owned."
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As the South Korean government announced its regulatory measures regarding the crypto in December, there were several contradictions and signs of controversy among officials. Numerous national petitions have been filed in respect of the Crypto-Regulations. The petition was supported by 223 055 people. Under the rules set by the Blue House, the government will respond to every petition with over 200,000 supporters. Recently, the lack of coordination between government departments has resulted in the Ministry of Justice announcing that it is considering a ban on the crypto trade followed by other Korean financial regulators.
In recent weeks, several CFO staff have been accused of insider trading on crypto regulations. The Agency is currently investigating the case. However, according to lawyer Jan Gin Min, "there is no legal provision for punishment," because at present the crypto is not a financial product.
Meanwhile, Ha Taeqing has presented a report that makes it clear that the government's embargo procedure has led to manipulation of the market. Ha suggested:
"The government has to deal with the embargo official and find out who has shared this information."
At the same time, the prime minister denied any charge of deliberate leakage.
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